@Sergei_Usatov - Based on your comment, I unplugged my eGPU and directly plugged in my LG Ultrafine 5K via thunderbolt and my LG 4K via HDMI (and also via USB-C) to see what would happen. It appears that Monterey 12.0.1 has significantly improved the experience!!!
First experiment: Just plugging in the LG 5K, I'm seeing temps around 65-70C, Radeon high side about 14-16v, and fan speeds at a very acceptable 35% 40% speed. Fan noise is very low. I've got multiple chrome windows open, running a Youtube video, and a handful of other low-impact applications.
Second Experiment: Adding my LG 4k monitor (for a total of two external monitors running at the same time) doesn't raise metrics by much. Note: I have scaling turned on for the 4K to match the display size of my 5k and I do have the HDR option turned off.
When I plug in the second monitor, temps spike momentarily, but then drop down to 70-75C, Radeon high side is about 18v, and fan speeds are about 50-60%. Again, that feels very acceptable for having the AMD Radeon Pro 5500M powering two external monitors. I get similar performance using a USB-C cable for this second monitor as I do using an HDMI connected via the Apple dongle.
One final note, I seem to get slightly better performance by running one monitor off the left bus / ports and the other on the right side bus / ports. I recall Apple specifically stating you have to use this configuration for multiple 5k monitors.
I'll keep running this setup for a while to see how it reacts. I still need to try out some video conferencing (Zoom) and other applications to see how the system handles it, but right now I'm very satisfied.
Here are the stats with both LG5k Ultrafine and standard 4K LG monitors connected running Chrome, YouTube, and a few other apps: